Quote:
Originally Posted by gamecock43
I think the deeper in a financial hole a person is, the more they want to drag you in there with them.
"You're taking it way too seriously - don't! Home ownership is almost less commitment than renting - just find something that you like and buy it - and watch the appreciation increase and mortgage decrease as you make payments to yourself rather than your landlord. Why wait a year? Do it now - the market is at the lowest it's been in a loooooong time and sellers are anxious to get their homes sold because inventories are so high."
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I think you are doing things right. I'm still regretting reading David Bach's Automatic Millionaire Homeowner book cause its his advice that made me think buying as many properties while I am young will secure my retirement since I lack a pension. Instead... I am... oh, well over half a million in mortgage debt between two homes. I rent one out at a loss... I can make the payments and all, I'm not hurting but I'm starting to realize how dumb it was. Cause that $600/mo loss on the rental I take could be invested at a 5% rate of return and by the time the mortgage would be paid off I'd have $440K generating $20K/year. Much less stressful than being a landlord.
My Dad... he rents, has always rented in HAWAII of all places. He could have bought when the market was prime in 1980... but he didn't. He has no desire to buy because he doesn't want the hassle. His net worth probably isn't as great as my FIL who has 10 acres of land in Missouri, but my Dad has a lot less stress to worry about. This is the lifestyle he wanted and he is very confident about it, he travels, he does a lot and doesn't have to worry about maintenance and repairs.
Don't worry... just do what is right for YOU! Its your dreams and lifestyle that you want... not theirs.